The south American country, Argentina sees a sudden spike in Bitcoin market as the pro-Bitcoin presidential candidate Javier Milei wins in the primary election.
Bitcoin has recorded a local all-time-high of 10,287,857 in ARS (Argentina Peso) on 15th August. The current BTC rate is 9.9 million ARS, according to data from CoinGecko.
The surge in Bitcoin price comes amid Argentina suffering from one of the highest inflation rate across countries worldwide. Its national currency Argentina Peso is also losing its value in foreign markets.
The crypto lobby in the country is overjoyed following Milei’s lead as a potential president. Milei is popularized among the crypto community for its anti-central bank and crypto-friendly personality.
Milei has openly condemned the central bank and called it a scam against people. He has praised Bitcoin saying that, “Bitcoin is the natural reaction against the scam that are central banks.”